Generic Sevco / Rangers meltdown thread

[greenginger]

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Killing off companies is very rarely HMRC's preferred option. It hasn't been that way for at least 10 years, when they started to understand the commercial aspects.

They must take a different view with football clubs.

They voted against the CVA proposals at Rangers, Hearts, Portsmouth and I'm sure a couple of others.

[CropleyWasGod]

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They must take a different view with football clubs.

They voted against the CVA proposals at Rangers, Hearts, Portsmouth and I'm sure a couple of others.

They do have a policy of voting against CVA's for football clubs.

I was meaning earlier in the process. They generally are less inclined to put a business under whilst there is still a chance of recovering their debts, and of saving (tax-payers') jobs. That is the approach they adopted at Hearts. They could have put them under long before it actually happened; as it turned out, they actually recovered more tax than they would have otherwise.

[greenginger]

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They do have a policy of voting against CVA's for football clubs.

I was meaning earlier in the process. They generally are less inclined to put a business under whilst there is still a chance of recovering their debts, and of saving (tax-payers') jobs. That is the approach they adopted at Hearts. They could have put them under long before it actually happened; as it turned out, they actually recovered more tax than they would have otherwise.

That's not the way I count it.

They got the November 2012 PAYE payment and may'be the next quarter too, but they got nothing for the £ 1.5 million Tribunal agreement for the Kaunus loan player scam.

Then in the November 2013 CVA document, when the final creditor list was produced, a sum of £ 646,851.66 of VAT due was added to the original list from the previous July.
This I guess was the VAT due on season tickets sold before admin. If the hearts had been forced into admin. at the beginning of 2013 the administrator would have ensured the Revenue got their money for this item.

[CropleyWasGod]

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That's not the way I count it.

They got the November 2012 PAYE payment and may'be the next quarter too, but they got nothing for the £ 1.5 million Tribunal agreement for the Kaunus loan player scam.

Then in the November 2013 CVA document, when the final creditor list was produced, a sum of £ 646,851.66 of VAT due was added to the original list from the previous July.
This I guess was the VAT due on season tickets sold before admin. If the hearts had been forced into admin. at the beginning of 2013 the administrator would have ensured the Revenue got their money for this item.

There were a couple of instances, well before administration, where HMFC paid their debt very late. Had HMRC put them under before that, as they were entitled to do, they would have got nothing. I said at the time that I thought HMRC were playing a blinder in squeeezing the last drop of blood out of the stone.

Had they put them under much earlier in the process, I think they would have been justifiably criticised for taking an uncommercial stance.

[CropleyWasGod]

The latest from Phil:-

http://www.philmacgiollabhain.ie/dav...ove/#more-4414

Watch out for the incisive interview with King Dave.

[Jack Hackett]

I'm thinking this whole sorry affair could have been avoided if the SFL had just told them to GTF 18 months ago. What a missed opportunity that was.

[Pete]

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I'm thinking this whole sorry affair could have been avoided if the SFL had just told them to GTF 18 months ago. What a missed opportunity that was.

There would have been social unrest.

[CentreLine]

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There would have been social unrest.

What on earth for? It is football we are discussing here. There might have been a number of very angry supporters venting their frustration but social unrest is taking the whole thing too far IMO

[Hank Schrader]

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What on earth for? It is football we are discussing here. There might have been a number of very angry supporters venting their frustration but social unrest is taking the whole thing too far IMO

I think Peter Douglas was making a tongue in cheek reference to this. Which was of course a ridiculous comment to make by that idiot Regan.

[CropleyWasGod]

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I'm thinking this whole sorry affair could have been avoided if the SFL had just told them to GTF 18 months ago. What a missed opportunity that was.

I'm thinking that the clubs in the bottom 2 divisions would disagree with you.

[CentreLine]

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I think Peter Douglas was making a tongue in cheek reference to this. Which was of course a ridiculous comment to make by that idiot Regan.

My bad. Sorry Peter

[green glory]

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There would have been social unrest.

Armageddon dontcha know?

[green glory]

http://www.philmacgiollabhain.ie/game-on-2/#more-4429

[grunt]

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http://www.philmacgiollabhain.ie/game-on-2/#more-4429

I guess we don't need to wait very long to find out if he's right.

[Www1875hfc]

What is a controlled insolvency?

[CropleyWasGod]

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What is a controlled insolvency?

It's where there is already a buyer lined up for the shares in the company, and where the shareholders and major creditors are in agreement with the proposed deal.

[Www1875hfc]

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It's where there is already a buyer lined up for the shares in the company, and where the shareholders and major creditors are in agreement with the proposed CVA deal.

Thanks CWG

Hearing that a controlled insolvency and administration will happen this week.

[PatHead]

On a lighter note I saw a car coming over the Forth Road Bridge with The Rangers scarves hanging out the windows. Good to see supporters of new clubs getting excited.

[Billy Whizz]

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Thanks CWG

Hearing that a controlled insolvency and administration will happen this week.

What's the points penalty for this, if it were to happen

[jonty]

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What's the points penalty for this, if it were to happen

Will be interesting to see.
25pts if it's their second admin within 5 years.
15pts if they're a different club

[Eyrie]

There was talk of the SPFL deciding when to apply the points penalty but I'm not sure if that was brought in. It would make sense for Sevco Huns to take the penalty this season as it won't affect their chances of wining Division One, but equally it would be a far stronger punishment if the penalty can be delayed until next season when it could stop them winning the "Championship".

[CropleyWasGod]

That's one of the reasons they would have to do it sooner rather than later. I still have my doubts about whether it's going to happen though.

[Twiglet]

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Will be interesting to see.
25pts if it's their second admin within 5 years.
15pts if they're a different club

Is it not 15 points, or 1/3 of the previous season points, or has that been done away with?

[grunt]

alex thomson ‏@alextomo 9m Rangers to go into Administration on Wednesday? At least one senior Glasgow accountant is saying so tonight.

[Steve20]

If you want Rangers in administration, you want Hearts to win the championship next season.

[Billy Whizz]

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If you want Rangers in administration, you want Hearts to win the championship next season.

There's is never enough punishment for SEVCO

[GreenCastle]

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If you want Rangers in administration, you want Hearts to win the championship next season.

Was just thinking how this would affect Hearts and them being in the same league..

[Billy Whizz]

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Was just thinking how this would affect Hearts and them being in the same league..

Hearts could be in a league a lot lower

[Ozyhibby]

I hated the old Rangers more than anything I can muster for Hearts. Hearts are just rivals. The old and the new Rangers are disgusting bigoted organisations and I will not shed a tear for them no matter what benefit it may bring the yams.

[Keith_M]

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If you want Rangers in administration, you want Hearts to win the championship next season.

I think you do the other clubs a big dis-service and are possibly overrating the quality of team Hearts will have. Also, Hearts could still be in Adminstration themselves.


Wouldn't that be funny, Hearts start the season on -15 and The Rangers on -15/-25 (depending on how they then decide the status of their club)